Which of the Following Is Not an Adjustment or Tax

question 30

Multiple Choice

Which of the following is not an adjustment or tax preference item for 2017 for purposes of the individual alternative minimum tax (AMT) ?

• A)State income tax refunds
• B)Certain passive losses
• C)Miscellaneous itemized deductions
• D)Cash charitable contributions
• E)All of the above are adjustment or tax preference items for AMT.

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Definitions:

Straight-Line Method

A method of calculating depreciation that spreads the cost of an asset evenly over its useful life.

Gain or Loss

The financial result from selling assets or settling liabilities at amounts different from their carrying amount, showing either a profit (gain) or deficit (loss).

Canadian Intellectual Property Office

A government agency responsible for the administration and processing of the intellectual property system in Canada.

Copyrights

Legal rights granted to an author, composer, playwright, publisher, or distributor to exclusively print, publish, perform, film, or record literary, artistic, or musical material.